Is Your LIC Superannuation Pension Taxable? Seeking Advice on Income Tax Returns

Hi,

If a person receives a monthly pension from the LIC superannuation fund, should this pension amount be added to the taxable income when filing the Income Tax Return? Please advise. Thank you in advance.

Hi Jimson,

First of all, pension is taxable. LIC, while paying you a pension, will deduct income tax if the pension paid by LIC is taxable. They will not ask you to submit a declaration on your other sources of income. It is your responsibility to declare the pension amount and other income, like interest income, in your IT return.